Francis Issues Motu Proprio on More Financial Reform

The Holy See announced today that Pope Francis has issued a Motu Proprio regarding the prevention and countering of money laundering, the financing of terrorism and the proliferation of weapons of mass destruction.

A Motu Proprio, which in Latin means “on one’s own initiative, is a document released solely by the Holy Father.The document reaffirms the Vatican’s commitment in preventing such illegal activities, which began with Pope Benedict’s Motu Proprio issued in December 2010.

The Motu Proprio released this afternoon adds several measures which includes broadening the scope of the Vatican laws to include all dicasteries of the Roman Curia as well as other entities that are dependent on the Holy See.

The Vatican’s Financial Information Authority was also given broader “supervisory and regulatory function”. The actions follow the recommendation of the MONEYVAL Committee, a council responsible for evaluating European member States with respect to anti-money laundering systems.

A communique released by the Holy See stated that the Motu Proprio also confirmed the establishment of a Financial Security Committee. The committee would coordinate “the competent authorities of the Holy See and the Vatican City State in the area of prevention and countering of money laundering, the financing of terrorism and the proliferation of weapons of mass destruction.”